Press Office
Bank of England Threadneedle Street
London EC2R 8AH
Statistical Release Telephone 020-7601 4411
E-mail: press@bankofengland.co.uk
NOT FOR PUBLICATION UNTIL 09:30 on 18th March 2004
Capital Issues – February 2004
£ billions Net issues (a) UK private non-financial UK financial Other (b)
corporations corporations
Total o/w £ Total o/w £ Total o/w £ Total o/w £
Previous 12 months 61.1 30.2 14.0 15.1 50.6 18.6 -3.5 -3.5
Dec 03 -2.3 -1.3 -0.5 0.5 1.4 1.4 -3.2 -3.2
Jan 04 7.0 3.4 1.1 1.0 5.3 1.8 0.6 0.6
Feb 04 0.4 1.5 -0.8 0.2 1.1 1.2 0.1 0.1
Announcements (a) UK private non-financial UK financial Other (b)
corporations corporations
Total o/w £ Total o/w £ Total o/w £ Total o/w £
Previous 12 months 96.3 51.8 26.4 20.4 61.0 22.6 8.9 8.9
Dec 03 4.4 4.4 1.7 1.7 1.7 1.7 1.0 1.0
Jan 04 9.6 4.5 1.7 1.3 6.8 2.0 1.2 1.2
Feb 04 5.3 2.9 1.9 1.2 3.4 1.7 0.0 0.0
(a) Stand alone bonds and equities
(b) Covers issues by UK public corporations and sterling issues by non-resident borrowers.
Sterling Announcements Sterling Net Issues
£ Billions £ Billions
12
12
10 10
8 8
6 6
4
4
2
2 0
0 -2
-4
-2
May
Nov
May
Nov
Jul
Jul
Sep
Sep
Mar
Mar
2003 Jan
2004 Jan
Jul
Jul
May
Sep
Nov
May
Sep
Nov
2003 Jan
2004 Jan
Mar
Mar
UK PNFCs Other UK PNFCs Other
• Total net issues were £0.4 billion in February. This is £6.6 billion lower than January and £1.7 billion
higher than the corresponding month in 2003. February’s out-turn was £4.7 billion below the monthly
average for the preceding twelve months (£5.1 billion).
• Total announcements were £5.3 billion in February. This is £4.3 billion lower than January and £3.0
billion lower than the corresponding month in 2003. February’s out-turn was £2.7 billion below the
monthly average for the preceding twelve months (£8.0 billion).
Next Publication date: 22nd April 2004
Prepared by Monetary and Financial Statistics Division
http://www.bankofengland.co.uk/mfsd/home
February 2004
Large Issues (a)
Debt Issues
Borrower Amount Maturity Coupon Rate %
Residential Mortgage Securities (RMS) 17 plc US$ 636 mn (£336 mn equiv) 2027 FL 0.01% (b)
There were other Floating rate Note tranches by Residential Mortgages Securities (RMS) 17 plc totalling £496mn
RMPA Services plc £ 680 mn 2038 FX 5.34%
Equity Issues
Borrower Amount Method of Issue
There were no large equity issues in February
Large Announcements (a)
Debt Issues
Borrower Amount Maturity Coupon Rate %
Telereal Securitisations plc £370 mn 2033 FX 5.39%
There were other Floating rate Note tranches by Telereal Securitisations plc totalling £610mn
Equity Issues
Borrower Amount Method of Issue
There were no large equity issue announcements in February
(a) Issues and announcements at least £500 mn
(b) Rate over 1 month US$ Libor
Notes to Editors
1 The tables cover only issues which raise cash for the issuer. They exclude bonus issues and issues for considerations other
than cash. Privatisations - where no new money is raised for the companies concerned - are excluded for the same reason.
2 The series cover issues in sterling or other currencies by United Kingdom corporates (except the Government), including
the subsidiaries abroad of UK corporates, and issues in sterling by non-national corporates and sovereign bodies. For UK
corporates, the data cover issues on the London Stock Exchange, Alternative Investment Market, non-resident stock exchanges,
and issues in the euromarkets. Data for non-resident corporates cover any sterling issues or redemptions.
3 Companies are classified on a nationality basis. This means that UK registered subsidiaries of non-resident companies
count as non-resident companies, while non-resident subsidiaries of UK companies count as UK companies. The Office for
National Statistics uses the capital issues data on a residency basis, together with other data, to compile estimates of
transactions in UK company securities for the National Accounts.
4 Announcement dates are defined as those on which amounts of prospective issues are first published; issue dates are those
on which payment for the security becomes due.
5 Some totals may not be exactly equal to the sums of their components because of rounding.
6 The Capital Issues release no longer contains seasonally adjusted series. This follows a review of the seasonally adjusted
methodology used for the monetary and related statistics and a decision to switch to using X-12-ARIMA. The package, which
has extensive diagnostics, showed capital issues data not to be significantly seasonal. Users were consulted about the change in
seasonal adjustment methodology in an article published on 20 November 2002; this is available at
http://www.bankofengland.co.uk/mfsd/artnov02sa.doc. Responses to the consultation were published on 20 February 2003; see
http://www.bankofengland.co.uk/mfsd/artfeb03sa.doc. An article published in Bank of England: Monetary and Financial
Statistics on 2 January 2004 gave a detailed account of the new method and how the Bank is applying it.
7 Further information on capital issues is available from the publication Bank of England Monetary & Financial Statistics
(Bankstats) - see below. This includes:
• Sterling commercial paper and sterling programme bonds
• Announcements and net issues classified by UK and non-resident corporates, corporate sector and by instrument;
• Gross issues and redemptions classified by UK and non-resident corporates and by instrument;
• Net issues by UK corporates: analysis of borrower by Standard Industrial Classification (SIC 92) grouping; and
• Conversion of net issues by UK corporates: ownership/nationality definition to residency/National Accounts definition.
Timing and availability of publications
8 Below is a list of some of the related statistical releases and the date of their release.
Title of release: Date of release:
Bank of England: Monetary & Financial Statistics (Bankstats) 29/03/2004
9 These and other Bank of England statistical releases and publications are available on the internet via
http://www.bankofengland.co.uk/mfsd/latest. In addition the Interactive Database provides long runs of statistical data with
comprehensive search options and the ability to download in a variety of formats. This can be accessed at
http://www.bankofengland.co.uk/mfsd/iadb.
10 Most series within this Press Release (or publication) are available on Thomson Datastream. Users of Advance can see the
codes by accessing Drilldown and selecting UK and then Monetary Sector. DSWindows users should access the program 150Z
and select option 1 UK then option 8 Monetary Sector.
Bank of England
18 March 2004
CAPITAL ISSUES(a) BY UK COMPANIES(b) IN ALL CURRENCIES AND BY
NON-RESIDENT COMPANIES IN STERLING(c)
TABLE A: ANNOUNCEMENTS OF NEW ISSUES £ millions
All currencies Sterling only
Private Financial Public Non-residents Total Private Financial Public Non-residents Total
non-financial corporations corporations (sterling) non-financial corporations corporations
corporations corporations
CPQ/M 271TTOTI 271TTOTF 271TTOTP 271£TOTO 271TTOTT 271£TOTI 271£TOTF 271£TOTP 271£TOTO 271£TOTT
2001 Q4 5 945 8 725 - 2 092 16 762 5 140 4 877 - 2 092 12 109
2002 Q1 12 017 7 077 - 402 19 496 10 019 4 569 - 402 14 990
Q2 9 856 12 169 - 1 326 23 351 8 899 5 701 - 1 326 15 926
Q3 1 870 8 446 - 1 472 11 788 1 870 4 498 - 1 472 7 840
Q4 2 714 13 898 - 2 800 19 412 1 516 4 619 - 2 800 8 935
2003 Q1 4 738 14 894 - 3 055 22 687 3 362 3 622 - 3 055 10 039
Q2 4 073 14 721 - 1 327 20 121 3 387 5 593 - 1 327 10 307
Q3 8 142 13 343 - 1 851 23 336 5 717 5 795 - 1 851 13 363
Q4 8 502 14 770 - 2 283 25 555 7 219 6 814 - 2 283 16 316
2002 Dec 696 1 639 - 1 472 3 807 127 750 - 1 472 2 349
2003 Jan 732 3 517 - 803 5 052 623 1 237 - 803 2 663
Feb 1 914 5 725 - 681 8 320 1 282 1 517 - 681 3 480
Mar 2 092 5 652 - 1 571 9 315 1 457 868 - 1 571 3 896
Apr 690 2 476 - 300 3 466 618 1 351 - 300 2 269
May 1 900 7 526 - 747 10 173 1 900 1 953 - 747 4 600
Jun 1 483 4 719 - 280 6 482 869 2 289 - 280 3 438
Jul 3 033 4 105 - 648 7 786 2 483 1 307 - 648 4 438
Aug 1 775 47 - - 1 822 1 775 42 - - 1 817
Sep 3 334 9 191 - 1 203 13 728 1 459 4 446 - 1 203 7 108
Oct 1 262 3 799 - 249 5 310 1 262 1 790 - 249 3 301
Nov 5 573 9 234 - 1 069 15 876 4 290 3 292 - 1 069 8 651
Dec 1 667 1 737 - 965 4 369 1 667 1 732 - 965 4 364
2004 Jan 1 704 6 773 - 1 163 9 640 1 310 1 981 - 1 163 4 454
Feb 1 880 3 416 - - 5 296 1 150 1 727 - - 2 877
TABLE B: NET ISSUES £ millions
All currencies Sterling only
Private Financial Public Non-residents Total Private Financial Public Non-residents Total
non-financial corporations corporations (sterling) non-financial corporations corporations
corporations corporations
CPQ/M 272TTOTI 272TTOTF 272TTOTP 272£TOTO 272TTOTT 272£TOTI 272£TOTF 272£TOTP 272£TOTO 272£TOTT
2001 Q4 2 647 7 818 - -1 985 8 480 4 764 5 411 - -1 985 8 190
2002 Q1 6 834 2 914 - - 822 8 926 5 649 3 343 - - 822 8 170
Q2 7 800 11 754 - -1 060 18 494 7 721 5 795 - -1 060 12 456
Q3 5 136 6 468 - - 274 11 330 5 525 4 323 - - 274 9 574
Q4 317 11 362 - - 197 11 482 - 155 3 694 - - 197 3 342
2003 Q1 181 11 351 - 446 11 978 722 2 458 - 446 3 626
Q2 2 976 9 869 - -1 298 11 547 4 145 3 447 - -1 298 6 294
Q3 2 701 12 322 - 407 15 430 2 800 5 547 - 407 8 754
Q4 6 818 14 430 - -2 848 18 400 6 638 6 540 - -2 848 10 330
2002 Dec 936 1 071 - - 610 1 397 607 - 175 - - 610 - 178
2003 Jan - 246 2 706 - 775 3 235 143 1 232 - 775 2 150
Feb 89 -1 542 - 177 -1 276 981 - 331 - 177 827
Mar 338 10 187 - - 506 10 019 - 402 1 557 - - 506 649
Apr 1 722 - 157 - 300 1 865 1 663 131 - 300 2 094
May 1 359 5 260 - - 576 6 043 1 761 1 438 - - 576 2 623
Jun - 105 4 766 - -1 022 3 639 721 1 878 - -1 022 1 577
Jul 1 625 4 413 - 498 6 536 1 840 2 509 - 498 4 847
Aug 1 574 200 - - 750 1 024 1 624 - 153 - - 750 721
Sep - 498 7 709 - 659 7 870 - 664 3 191 - 659 3 186
Oct 1 333 3 456 - 104 4 893 1 361 1 375 - 104 2 840
Nov 5 953 9 595 - 283 15 831 4 779 3 745 - 283 8 807
Dec - 468 1 379 - -3 235 -2 324 498 1 420 - -3 235 -1 317
2004 Jan 1 095 5 309 - 598 7 002 960 1 806 - 598 3 364
Feb - 767 1 051 - 149 433 178 1 191 - 149 1 518
Notes to Table A
(a) Stand alone bonds and equities.
(b) Comprises UK resident companies and non-resident subsidiaries of UK companies.
(c) Comprises non-UK resident companies and UK subsidiaries of non-resident companies and sovereign bodies making sterling issues.
TABLE C: GROSS ISSUES: UK COMPANIES(a) IN ALL CURRENCIES AND
NON-RESIDENT COMPANIES IN STERLING(b) (c) £ millions
Not seasonally adjusted
Ordinary shares Preference shares Loans stocks, bonds and notes Total Total Total
Total Convertible Other Total of which Convertible Other non-residents
FRNs
All currencies
CPQ/M B1TOSG B1TPSG B1TPSCG B1TPSOG B1TLSG B1TLSFRNG B1TLSCG B1TLSOG B1TTOTG B1£OSSLG B1TTOTI
2001 Q4 1 306 309 - 309 13 703 7 509 525 13 178 15 318 2 114 17 432
2002 Q1 5 395 - - - 9 352 4 739 658 8 694 14 747 256 15 003
Q2 5 930 150 - 150 16 400 7 792 2 548 13 852 22 480 1 250 23 730
Q3 4 359 - - - 9 843 4 432 - 9 843 14 202 1 428 15 630
Q4 714 478 - 478 15 955 10 148 690 15 265 17 147 1 798 18 945
2003 Q1 349 - - - 17 929 14 938 - 17 929 18 278 2 463 20 741
Q2 1 780 - - - 16 336 9 651 - 16 336 18 116 1 277 19 393
Q3 2 245 - - - 19 330 9 808 1 430 17 900 21 575 1 547 23 122
Q4 1 917 - - - 22 903 11 580 726 22 177 24 820 1 935 26 755
2002 Dec 50 478 - 478 2 793 560 290 2 503 3 321 640 3 961
2003 Jan 128 - - - 3 771 3 498 - 3 771 3 899 1 397 5 296
Feb 147 - - - 1 253 410 - 1 253 1 400 827 2 227
Mar 74 - - - 12 905 11 030 - 12 905 12 979 239 13 218
Apr - - - - 3 396 1 462 - 3 396 3 396 300 3 696
May 1 528 - - - 6 258 4 376 - 6 258 7 786 349 8 135
Jun 252 - - - 6 682 3 813 - 6 682 6 934 628 7 562
Jul 624 - - - 8 087 3 675 258 7 829 8 711 648 9 359
Aug 559 - - - 1 857 145 970 887 2 416 - 2 416
Sep 1 062 - - - 9 386 5 988 202 9 184 10 448 899 11 347
Oct 259 - - - 5 594 2 620 686 4 908 5 853 304 6 157
Nov 523 - - - 15 141 8 223 22 15 119 15 664 1 123 16 787
Dec 1 135 - - - 2 168 737 18 2 150 3 303 508 3 811
2004 Jan 924 - - - 7 851 7 268 168 7 683 8 775 1 014 9 789
Feb 125 - - - 3 679 1 335 - 3 679 3 804 249 4 053
Sterling only
CPQ/M B1£OSG B1£PSG B1£PSCG B1£PSOG B1£LSG B1£LSFRNG B1£LSCG B1£LSOG B1£TOTG B1£OSSLG B1£TOTI
2001 Q4 1 306 - - - 9 971 5 331 525 9 446 11 277 2 114 13 391
2002 Q1 5 395 - - - 5 272 2 050 71 5 201 10 667 256 10 923
Q2 5 930 150 - 150 8 042 5 366 874 7 168 14 122 1 250 15 372
Q3 4 359 - - - 6 382 2 414 - 6 382 10 741 1 428 12 169
Q4 714 - - - 5 525 3 360 690 4 835 6 239 1 798 8 037
2003 Q1 349 - - - 5 355 3 938 - 5 355 5 704 2 463 8 167
Q2 1 780 - - - 7 103 3 508 - 7 103 8 883 1 277 10 160
Q3 2 245 - - - 8 852 4 387 683 8 169 11 097 1 547 12 644
Q4 1 917 - - - 12 504 4 032 580 11 924 14 421 1 935 16 356
2002 Dec 50 - - - 1 347 560 290 1 057 1 397 640 2 037
2003 Jan 128 - - - 1 402 1 237 - 1 402 1 530 1 397 2 927
Feb 147 - - - 1 253 410 - 1 253 1 400 827 2 227
Mar 74 - - - 2 700 2 291 - 2 700 2 774 239 3 013
Apr - - - - 2 892 1 030 - 2 892 2 892 300 3 192
May 1 528 - - - 1 815 1 072 - 1 815 3 343 349 3 692
Jun 252 - - - 2 396 1 406 - 2 396 2 648 628 3 276
Jul 624 - - - 4 569 2 472 258 4 311 5 193 648 5 841
Aug 559 - - - 1 308 145 425 883 1 867 - 1 867
Sep 1 062 - - - 2 975 1 770 - 2 975 4 037 899 4 936
Oct 259 - - - 2 617 862 540 2 077 2 876 304 3 180
Nov 523 - - - 8 007 2 721 22 7 985 8 530 1 123 9 653
Dec 1 135 - - - 1 880 449 18 1 862 3 015 508 3 523
2004 Jan 924 - - - 2 891 2 501 168 2 723 3 815 1 014 4 829
Feb 125 - - - 2 287 467 - 2 287 2 412 249 2 661
Notes to Table C
(a) Comprises UK resident companies and non-resident subsidiaries of UK companies.
(b) Comprises non-UK resident companies and UK subsidiaries of non-resident companies and sovereign bodies making sterling issues.
(c) Issue dates are those on which payment for the security becomes due. The issue of instruments which have the option of being converted into other instruments during
their life are recorded at issue in their original instrument category. On conversion, they are treated as being redeemed from this instrument category with an identical
amount then treated as being re-issued in the new instrument category.
TABLE D: REDEMPTIONS: UK COMPANIES(a) IN ALL CURRENCIES AND
NON-RESIDENT COMPANIES IN STERLING(b) (c) £ millions
Not seasonally adjusted
Ordinary shares Preference shares Loans stocks, bonds and notes Total Total Total
Total Convertible Other Total of which Convertible Other non-residents
FRNs
All currencies
CPQ/M C1TOSR C1TPSR C1TPSCR C1TPSOR C1TLSR C1TLSFRNR C1TLSCR C1TLSOR C1TTOTR C2£TOTR C2TTOTT
2001 Q4 - - - - 4 853 2 791 62 4 791 4 853 4 099 8 952
2002 Q1 - - - - 4 999 1 544 330 4 669 4 999 1 078 6 077
Q2 - - - - 2 926 26 - 2 926 2 926 2 310 5 236
Q3 - - - - 2 598 998 69 2 529 2 598 1 702 4 300
Q4 - - - - 5 468 2 234 440 5 028 5 468 1 995 7 463
2003 Q1 - - - - 6 746 1 894 30 6 716 6 746 2 017 8 763
Q2 - - - - 5 271 942 1 251 4 020 5 271 2 575 7 846
Q3 - - - - 6 552 2 179 666 5 886 6 552 1 140 7 692
Q4 - - - - 3 572 1 681 341 3 231 3 572 4 783 8 355
2002 Dec - - - - 1 314 300 40 1 274 1 314 1 250 2 564
2003 Jan - - - - 1 439 54 30 1 409 1 439 622 2 061
Feb - - - - 2 853 1 161 - 2 853 2 853 650 3 503
Mar - - - - 2 454 679 - 2 454 2 454 745 3 199
Apr - - - - 1 831 97 338 1 493 1 831 - 1 831
May - - - - 1 167 - - 1 167 1 167 925 2 092
Jun - - - - 2 273 845 913 1 360 2 273 1 650 3 923
Jul - - - - 2 673 1 016 - 2 673 2 673 150 2 823
Aug - - - - 642 45 76 566 642 750 1 392
Sep - - - - 3 237 1 118 590 2 647 3 237 240 3 477
Oct - - - - 1 064 556 161 903 1 064 200 1 264
Nov - - - - 116 - - 116 116 840 956
Dec - - - - 2 392 1 125 180 2 212 2 392 3 743 6 135
2004 Jan - 5 5 - 2 366 509 319 2 047 2 371 416 2 787
Feb - - - - 3 520 103 65 3 455 3 520 100 3 620
Sterling only
CPQ/M C1£OSR C1£PSR C1£PSCR C1£PSOR C1£LSR C1£LSFRNR C1£LSCR C1£LSOR C1£TOTR C2£TOTR C2£TOTT
2001 Q4 - - - - 1 102 125 62 1 040 1 102 4 099 5 201
2002 Q1 - - - - 1 675 321 207 1 468 1 675 1 078 2 753
Q2 - - - - 606 26 - 606 606 2 310 2 916
Q3 - - - - 893 232 69 824 893 1 702 2 595
Q4 - - - - 2 700 300 440 2 260 2 700 1 995 4 695
2003 Q1 - - - - 2 524 979 30 2 494 2 524 2 017 4 541
Q2 - - - - 1 291 81 - 1 291 1 291 2 575 3 866
Q3 - - - - 2 750 345 666 2 084 2 750 1 140 3 890
Q4 - - - - 1 243 307 180 1 063 1 243 4 783 6 026
2002 Dec - - - - 965 300 40 925 965 1 250 2 215
2003 Jan - - - - 155 - 30 125 155 622 777
Feb - - - - 750 300 - 750 750 650 1 400
Mar - - - - 1 619 679 - 1 619 1 619 745 2 364
Apr - - - - 1 098 32 - 1 098 1 098 - 1 098
May - - - - 144 - - 144 144 925 1 069
Jun 49 49 - 49 49 1 650 1 699
Jul - - - - 844 - - 844 844 150 994
Aug - - - - 396 45 76 320 396 750 1 146
Sep - - - - 1 510 300 590 920 1 510 240 1 750
Oct - - - - 140 40 - 140 140 200 340
Nov - - - - 6 - - 6 6 840 846
Dec - - - - 1 097 267 180 917 1 097 3 743 4 840
2004 Jan - 5 5 - 1 044 - 319 725 1 049 416 1 465
Feb - - - - 1 043 - 65 978 1 043 100 1 143
Notes to Table D
(a) Comprises UK resident companies and non-resident subsidiaries of UK companies.
(b) Comprises non-UK resident companies and UK subsidiaries of non-resident companies and sovereign bodies making sterling issues.
(c) Redemptions of loan stocks, bonds and notes reaching their maturity date or when a company issues a notice of early redemption, are included. Redemptions of
redeemable equities are also included, but company share buy-backs are excluded from the data.